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Timeshare Deal in the Market

Sierra Receivables is in the market with a timeshare-backed transaction.

New Dutch RMBS Deal Makes the Rounds

NIBC Bank, a Netherlands based bank, began marketing a EUR750mn ($1.02 bn) prime Dutch residential mortgage-backed securities (RMBS) deal.

Fitch Moves to Update Dutch NHG Criteria

Fitch Ratings is seeking feedback from market participants on its revised criteria for rating transactions backed by the Dutch sponsored NHG.

Volkswagen Looking to Price New Auto ABS

Volkswagen Bank began marketing its EUR475 million ($648 million) auto loan receivables securitization deal, Driver Seven.

Linklaters Launches Dutch ABS Practice

Linklaters launched its structured finance practice in Amsterdam by hiring Kees Westermann.

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Auto Loans in Colombia Steer Toward ABS

Auto loan ABS might be coming down the Colombian pike this year for the first time, thanks to an appetite for alternative funding sources and a new law authorizing the establishment of non-mortgage securitizers. "We hope to do a first issue in the second half of the year," said Alberto Gutierrez, president of RMBS securitizer Titularizadora Colombiana, adding that his team has filed with the Superintendency of Finance to create Multiactivos, a new agency that would securitize non-mortgage assets.

GMAC Mexicana to Debut Auto Loan ABS

GMAC Mexicana is on the road with the country's first pure auto loan ABS in the public market, according to sources. Tipping the scales at about Ps1.4 billion ($109 million), the A note will appeal to private banking clients for its short average life of 1.4 years, said a source close to the deal. "It makes a lot of sense to pitch it to private banking," he added. That will likely be one of the areas in which joint leads HSBC and Citigroup brokerage Acciones y Valores will be focusing their efforts during a roadshow that kicks off the week of March 1. HSBC structured the transaction as well. The A tranche is expected to garner a rating of triple-A on the national scales of Fitch Ratings and Standard & Poor's. Part of the notes' enhancement comes from a 21.6% subordination from a B tranche. S&P also rates GMAC Mexicana 'Above Average' as an auto loan servicer.

Greek Tragedy Cools Europe's Restart

Sovereign risk" are the words driving pricing in the European securitization market as the troubles in Greece unfold. After a brief period characterized by healthier spreads and a budding primary pipeline, European securitizations are bracing for the impact of Greece's fallout on the whole of Europe.

The Search for Alternatives

With new accounting rules, regulatory uncertainty, and wary investors making ABS uneconomical for issuers, pockets of the securitization market are paralyzed. Participants are forced to look at alternative funding sources, which Nora Colomer explores in this month's cover story. Solutions range from originators resorting to more club-like deals, where risk can be shared, to banks selling portfolios of whole loans to each other. However, nothing can replace securitization as the most effective way to promote mortgage growth and, at the same time, provide an efficient way for companies to shift risk.

Petrobras Funds Expansion Via Suppliers

Brazil's Petrobras popped up on the ABS radar last year when a domestic deal came out that was backed by contracts between the oil giant and its suppliers. A receivable investment fund (FIDC), the transaction features senior shares rated 'AA(bra)' by Fitch Ratings and HSBC as the administrator. The deal is designed to facilitate the funding of small projects and services. A typical candidate would be a supplier that needs financing to assemble a machine for Petrobras. Having a big name like Petrobras as an obligor is partly the point of the deal, although a degree of operational risk for the projects in question means that the creditworthiness of the transaction is weaker than Petrobras' risk.

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